A three-year Boston-based commercial real estate company led a $ 25.5 million joint venture purchase of Fresh Market Village in Jupiter.
JB Capital Management has acquired the 55,046 square foot mall at 311 East Indiantown Road in partnership with Royce Properties LLC, a family office based in Woodbury, Connecticut, according to a statement.
The seller is a subsidiary of Adar Investments and Management, a commercial real estate company based in Sunny Isles Beach, according to records. Adar paid $ 8.3 million for the property in 2013.
A team from Atlantic Capital Partners led by Justin Smith represented the seller.
Built in 1983, the shopping center is anchored by a Fresh Market. Other tenants include 2 Vinez Restaurant & Wine Bar, Starbucks, Casa Mia, and Gretchen Scott Designs women’s clothing store.
Jessica Giguere, director and co-founder of JB Capital, told The Real Deal that the joint venture was drawn to Fresh Market Village’s 97% occupancy rate, the property’s proximity to the Intracoastal Waterway and the strong demography of Jupiter.
Fresh Market Village is JB Capital’s second transaction in South Florida after starting small. The company acquired a 10,230 square foot warehouse for $ 1.1 million in Lake Worth last year, Giguère said.
“We were focusing on industrial real estate, but it got more and more expensive,” said Giguère. “We started to focus more on retail. There are a few more opportunities there. Before Covid and during Covid, retail in Florida performed very well. “
JB Capital and Royce Properties were looking for well-maintained malls with good Class A commercial tenants, Giguère said. “We came across this one,” she said. “We put our hats on the bidding war and ended up being the winners of the deal.”
Founded in 2018, JB Capital owns nearly $ 100 million in real estate assets with various entities as partners in Connecticut, Florida, Massachusetts, New Jersey, New York and Rhode Island, Giguère said.
South Florida mall sales are booming as average retail rents are climbing to pre-pandemic levels, according to a third quarter report from Colliers.
Dallas-based Crow Holdings recently paid $ 32.5 million for the Turtle Crossing Mall in Coral Springs. In Hialeah, Horizon Properties acquired El Mercado Plaza, anchored by Publix, in Hialeah for $ 33 million.
Last month, a company run by Hollywood-based real estate investor Todd Nepola bought a Dollar General-anchored mall in Margate for $ 10.7 million, and Miami-based Zenix Properties spent $ 13.5 million. dollars for fully rented Promenade Shoppes in North Lauderdale.